Brisbane-based medical device company ImpediMed Limited today announced it had raised AU$4.5 million equity funding to launch its unique range of medical devices into US and European markets.
The funding, co-lead by leading US-based healthcare venture capital firm Versant Ventures and local venture capital fund Starfish Ventures, is expected to help catapult ImpediMed’s three bioimpedance devices, already selling in Australia, onto the world stage by the end of the year.
Versant Ventures Managing Director Dr Ross Jaffe said ImpediMed was a prime example of the growing number of Australian life science companies with the right attributes to meet the strict investment criteria of US health-based start-up funds.
“ImpediMed has a portfolio of proven, highly differentiated, products targeting unique, multi-billion dollar applications, all of which are based on the company’s state-of-the-art proprietary bioimpedance technology,” he said.
“US investors are increasingly alert to opportunities to pick up stakes in high quality Australianbased life science and medical device companies. Needless to say, we are very excited about the opportunity presented by ImpediMed,” said Dr Jaffe.
ImpediMed specialises in the development of non-invasive medical devices used to measure and monitor body composition and body hydration with unprecedented accuracy. The technology is useful in assessing and managing patients experiencing the effects of injury, disease or aging, and is particularly valuable in detecting, monitoring and managing lymphoedema in breast cancer survivors.
ImpediMed CEO Mr Greg Brown said ImpediMed had identified unique target markets such as Lymphoedema where the company’s products offer clinicians a new proactive approach to managing patients supported by health economics, where a solid case for support can be built with health care payers.
“Our international launch program is well progressed, supported by an experienced regulatory affairs team who have been successful in securing European CE Mark clearances for all three products on initial clinical claims, and obtaining US FDA Clearances for two out of the three products on initial claims with the application for the third product, the Imp XCA submitted and in review,” he said.
Mr Brown said the company was delighted to have secured funding from two firms with outstanding reputations and significant experience in building successful medical device companies.
“With Versant and Starfish as partners, ImpediMed is better positioned to accelerate its path to international markets while continuing to enhance and expand its rich product pipeline in three key clinical markets,” he said.
Starfish Ventures Investment Principal Dr Michael Panaccio said ImpediMed’s track record in developing new and innovative medical products and the strength and entrepreneurial spirit of its Board and management made ImpediMed an outstanding company.